Dye & Durham Limited (DND.TO), a provider of cloud-based legal practice management software, announced that it has obtained the necessary consents for an amendment under its senior credit agreement. The amendment provides the Company with additional time, until February 17, 2026, to file its audited consolidated financial statements for the fiscal year ended June 30, 2025, and its unaudited consolidated financial statements for the quarter ended September 30, 2025, without triggering a default.
The company also provided updates on its ongoing strategic review process and the sale of Credas Technologies Ltd. As disclosed on October 8, 2025, Dye & Durham's Strategic Committee has been evaluating strategic alternatives with its advisors. Following this review, the Committee has decided to commence a sale process, initially seeking written expressions of interest for both the Company as a whole and its Canadian Financial Services Division.
Dye & Durham confirmed that the UK Investment Security Unit has granted unconditional clearance for the sale of Credas. With no further regulatory approvals required, the Company expects the transaction to close in early January 2026, as previously disclosed.
Under the terms of the senior credit agreement amendment, the Company will have until February 17, 2026, to file its financial statements. The amendment also revises the definition of "Change of Control" to remove the carveout for existing insiders, requires any subsidiary holding assets of the Financial Services Business to be joined as a guarantor, and mandates that net cash proceeds from a sale or IPO of the business be applied in accordance with asset sale sweep prepayment provisions.
In connection with the amendment, Dye & Durham agreed to pay a consent fee to senior lenders and committed not to use certain restricted payment baskets until the financial statements are filed. Importantly, no waivers or amendments are required under the Company's other debt instruments before February 21, 2026. The amendment also ensures Dye & Durham maintains full access to liquidity under its revolving credit facility during the extended reporting period.
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